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Mar
30

Version 2 of the Tierra Manifesto 2009

Post By gaia1 in TFD history

The main reason for version 2 is the incorporation of the draft report of the UN General Assembly  President's Commission on Monetary and Financial Crises and the three markups I have submitted to the Commision's leadership. These markups show that the TIMU Architecture represents a real chance for transformational change, given that the Commission's recommendations are in the same direction, though less radical, i.e. touching the root (radix in Latin) of the problem and its solution. Here are the markups in capitals.

 

Proposed change in capitals for paragraph 47 about A New Global Reserve Currency:

 

“47. But a two (or three) country reserve system, to which the world seems to be moving, may be equally unstable. The new Global Reserve System WHICH CAN BE CARBON-BASED, OR COMMODITIES, CURRENCIES OR CONSUMER PRICE BASED  is feasible, non-inflationary, and could be easily implemented, including in ways which mitigate the difficulties caused by asymmetric adjustment between surplus and deficit countries.”

 

Proposed change in capitals for paragraph 52 about “A Global Economic Coordination Council.”

 

“52. A globally representative forum to address areas of concern in the functioning of the

global economic system in a comprehensive way must be created. THIS CAN BE DONE BY CREATING A GLOBAL CENTRAL BANK TO WHICH NATIONS CEASE MONETARY SOVEREIGNY OR BY CREATING A GLOBAL ECONOMIC COORDINATION COUNCIL. At a level

equivalent with the General Assembly and the Security Council, such a Global

Economic Council should meet annually at the Heads of State and Government level

to assess developments and provide leadership in economic, social and ecologic

issues.”

 

Proposed change in capital for paragraph 78 about “More stable and Sustainable Development Finance.”

 

“78. The international community needs to explore a variety of mechanisms of innovative finance, including TRANSFERS OF CARBON DEBITS OF A CARBON-BASED GLOBAL RESERVE CURRENCY THAT ARE PART OF THE CARBON ACCOUNT OF AN ECOLOGICAL DEBTOR NATION’S BALANCE OF PAYMENTS, regular emissions of a new global reserves (SDRs), revenues

generated from the auction of global natural resources (such as ocean fishing rights

and pollution emission permits), and international taxes (such as a carbon tax, which

would simultaneously help address problems of global warming, or a financial

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services tax, which would simultaneously help stabilize international financial

markets.)”

 

Mar
27

The March 19 UNGA President's Commission report and the climate crisis

Post By gaia1 in Climate crisis

Though this important report by the UNGA President's Commission of Experts on Monetary and Financial Crises states in paragraph  5 that long-term objectives have  to SIMULTANEOUSLY pursued and list the "reduction of greenhouse gases" as one of many, it does not cover in its 18 pages the climate crisis, except when dealing with financing, as quoted below. If the Commission had adopted a carbon-based international reserve currency rather than the non-emission based one that is not spelled out, it would have had an institutional mechanism of funding for climate mitigation and adaptation measures, because the nations would have to balance their carbon accounts in their balance of payments. That would mean transfers of Tierras from ecological debtor countries in the North to ecological creditor  countries in the South.

"78. The international community needs to explore a variety of mechanisms of innovative

finance, including regular emissions of a new global reserves (SDRs), revenues

generated from the auction of global natural resources (such as ocean fishing rights

and pollution emission permits), and international taxes (such as a carbon tax, which

would simultaneously help address problems of global warming, or a financial

18

services tax, which would simultaneously help stabilize international financial

markets.)"

 

Mar
27

The UN Global Economic Coordination Council

Post By gaia1 in World central bank

First of all, the TIMU architecture's World Centrial Bank is not to be confused with a World Government. The WCB does require that nations cede monetary sovereignity, but that does not mean that they and their alliances are politically and economically completely subject to WCB's authority.

An important step on the road to WCB was taken last week Thursday when the UN GA Presient's Committee of Experts on Monetary and Financial Crises released its draft report where, among the recommendations, the following  proposal was made in 3. 25: A Global Economic Coordination Council 

"A globally representative forum to address areas of concern in the functioning of the

global economic system in a comprehensive way must be created. At a level

equivalent with the General Assembly and the Security Council, such a Global

Economic Council should meet annually at the Heads of State and Government level

to assess developments and provide leadership in economic, social and ecologic

issues. It would promote development, secure consistency and coherence in the policy

goals of the major international organisations and support consensus building among

governments on efficient and effective solutions for issues of global economic,

governance. Such a Council could also promote accountability of all international

economic organizations, identify gaps that need to be filled to ensure the efficient

operation of the global economic and financial system, and help set the agenda for

global economic and financial reforms. It would be supported intellectually by the

work of the International Panel discussed in III.10. Representation would be based

on the constituency system, and designed to ensure that all continents and all major

economies are represented."

 

Mar
25

China pushes for SuperSovereigh Currency: Who pushes for the Tierra?

Post By gaia1 in Tierra Currency

China’s proposal, according to several observers (see article under NEWS),

is more geared toward raising its currency to a higher international status as

a reserve currency besides having it function as a trading currency in the

Asian region.

The London Summit presents a golden opportunity for other G20 nations to

create a carbon-based international reserve currency (TIERRA) that would at

the same time help very greatly in resolving the financing for development

and mitigation and adjustment measures. By making this new carbon-based

currency part of a nation’s carbon account in its balance of payments, it

transfers funds from ecological debtor countries in the global North to

ecological creditor countries in the global South.

Presently, both President Obama in his press conference yesterday and

Treasury Secretary Geithner and Fed Chairman Bernanke in their testimony

at the House Financial Services committee objected to a global, non-national

currency. They may change their minds when Congress is cutting the

cap&trade part out of the budget and this carbon-based international reserve

currency becomes its main carbon reduction method. In any event, the

London Summit will show the real statesmen and stateswomen who are bold

enough to think outside the IMF box and go for a transformed international

monetary system.

 

Mar
24

US Bailout plan is a poor substitute for transformational banking change

Post By tierrasolution in Transformation versus reform

THE BAILOUT PLAN IS A POOR SUBSTITUTE.

The bailout plan is a poor substitute for a real, transformational approach to remedying

the economic crisis. Notwithstanding the 500 points rise in the Dow, the NY Times

editorial of March 24 explains the weak points and concludes that reality has to be faced

and that some of the most insolvent banks have to go.

I would go one step further. Commercial banks ought to be taken out of the business of

creating money by the fractional banking system. Government is to stop delegating the

right and responsibility of the coin (Article 1, section 8 and 10 of the Constitution) to

them. The banks are to revert to lending utilities and compete with one another on

efficiency, quality of service, etc. not on creative ways to play with the public’s coin.

Like the 1890s a national debate is to take place during this decade to restructure the

domestic financial structure, including the revision of the 1913 Federal Reserve Act and

of the privately owned Federal Reserve and its 12 regional banks.

 

Mar
24

China wants a new international reserve currency not based on the dollar

Post By tierrasolution in Tierra Currency

CHINA: NEW RESERVE CURRENCY NEEDED

Being concerned about its $1 trillion investment in T bills by the possibility of inflation

in the USA China will be playing a strong hand at the London Summit on April 2 in

shaping the international economic system.

Once, the G20 and their IFIs start discussing the need for a new international reserve

currency, perhaps, perhaps, some nations may bring up the need to consider the economic

and climate crises simultaneously and base the new currency not on a basket of

commodities or major national currencies, but on carbon emissions. In any event, I have

written the UN Missions of the G20 yesterday to seriously consider the Tierra Solution

and its TIMU Architecture, fill out a short structured survey after reading the IIMT’s

Tierra Manifesto of 2009. I have suggested March 30 as a possible date for meeting about

this transformed international monetary system. We will see what happens!

 

Mar
18

Welcome to the Tierra Solution of IIMT

Post By gaia1 in IIMT

Dear Reader:         NYC March 18, 2009

This is the first blog for the International Institute for Monetary Transformation. However, I have been dealing or searching for a transformed international monetary system full time since December of 2008. These blogs are still available on www.fcvnyc.blogspot.com and are part of the history of IIMT. It was also at that time that I set up the yahoo group for the same purpose. The Yahoo Group is incorporated in the design of the IIMT website and functions as its virtual discussion site. Clicking on the home page's button of Discussion will bring you there.

I hope that you after reading the Tierra Solution and its TIMU architecture you will click on the Actions button where you have the oppportunity to engage in four different and related activities.

I conclude with the slogan of the responsibility project on NPRwhich runs: One responsible act can make an unforgettable difference.